v3.26.3
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Allocated Stock-based Compensation Expense
The following table summarizes the components of stock-based compensation expense in the consolidated statements of operations for the three and nine months ended September 30, 2026 and 2025 (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Research and development$243 $110 $733 $333 
General and administrative1,689 393 3,012 1,176 
Total stock-based compensation $1,932 $503 $3,745 $1,509 
Schedule of Stock Option Activity
The following table summarizes stock option activity of the Company for the nine months ended September 30, 2026:
Total
Number of
Shares
(In Thousands)		Weighted
Average
Exercise
Price		Weighted Average Remaining Contractual Term (In Years)Aggregate
Intrinsic
Value
(In Thousands)
Outstanding at December 31, 20252,651 $3.19 
Granted4 13.22 
Canceled(4)0.91 
Outstanding at September 30, 20262,651 $3.21 6.68$25,870 
Vested and exercisable at September 30, 20261,998 $3.91 6.29$18,518 
Schedule of Assumptions for Option Grants Issued
The Company uses the Black-Scholes option-pricing model to determine the fair value of all its stock options granted. The weighted average assumptions used during the three and nine months ended September 30, 2026 and 2025, were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Risk free interest rate4.62 %n/a4.62%4.25 %
Volatility113.83 %n/a113.83%122.43 %
Expected term (years)6.25n/a6.256.17
Expected dividend yield— %n/a—%— %
Schedule of RSU Activity
The following table summarizes RSU activity of the Company for the nine months ended September 30, 2026:

Shares
(In Thousands)		Weighted Average Grant Date Fair Value
Unvested at December 31, 2025897 $1.09 
Granted2,430 $5.57 
Canceled(17)$2.44 
Unvested at September 30, 20263,310 $4.37